Cooling Condo-conversion Mania Makes Investors More Patient

Condominium construction doubled the inventory available in the Tampa Bay area in just a few short years. Goldfinger and his Marcus & Millichap colleague Jay Crotty have had a front-row seat to the condominium boom in Tampa Bay.

A few weeks ago, the pair was part of the team that sold the 392-unit Preserve at Temple Terrace apartment complex on East Fletcher Avenue for $46 million, or $117,347 a unit.  Many new complexes being put together for the region are being planned as condo units rather than rental units, and for good reason.

Those numbers have garnered the attention of Tony Polito, the Tampa Bay market director for Metrostudy, who until recently didn't even track condominiums in his quarterly housing reports. Even if some condo speculators turn around and rent units while they sit on the market, the impact condo conversion has had on the Bay area is evident.

By M. Sese
Miami Real Estate